This is CNBC’s live blog covering Asia-Pacific markets.

Asia-Pacific markets are set to extend losses on Thursday, tracking Wall Street’s moves ahead of a slew of economic data from the region on Friday.

Japan and South Korea will release industrial production figures on Friday, and China will release the official purchasing managers index for May. Inflation data for Japan’s capital city of Tokyo will also be released.

Futures for the S&P/ASX 200 point to a weaker open, at 7,640 compared to the last close of 7,665.6.

Japan’s Nikkei 225 is also set to fall, with the futures contract in Chicago at 38,070 and its counterpart in Osaka at 38,070 against the index’s last close of 38,556.87.

Futures for Hong Kong’s Hang Seng index stood at 18,409, pointing to a weaker open compared to the HSI’s close of 18,477.01.

Overnight in the U.S., all three major indexes fell, pressured by rising Treasury yields. The 10-year Treasury note yield ticked higher for a second day, last trading above 4.6%.

Higher yields can lower the multiples investors are willing to pay for stocks, drive up borrowing costs, hurt consumer spending and make T-bills and money market funds more attractive.

The Dow Jones Industrial Average fell 1.06%, while the S&P 500 dipped 0.74%, marking its first negative session of the previous three. The Nasdaq Composite slipped 0.58%, as Nvidia’s advance mitigated losses for the technology-heavy index.

— CNBC’s Alex Harring and Pia Singh contributed to this report.

Hedge fund exposure to “Magnificent 7” rises to record high

Hedge funds are continuing to add to their bets on Big Tech stocks, according to a note from Goldman Sachs prime brokerage.

“The Magnificent 7 stocks collectively now make up 20.7% of total U.S. single stock Net exposure, the highest level on our record and exceeding the previous peak level of 20% seen last summer,” the note said.

The higher exposure was helped by the recent outperformance of Nvidia, which surged 9% last Thursday on a day when the S&P 500 declined.

— Jesse Pound

Fed reports economy expanded despite concerns over inflation

The U.S. economy grew unevenly over the past six weeks while consumers recoiled against higher prices, the Federal Reserve reported Wednesday.

As part of its periodic “Beige Book” economic look, the Fed noted that the economy “continued to expand” during the period, though “conditions varied” among the 12 central bank districts.

On inflation, the report said prices rose at a “modest” pace while “consumers pushed back against additional price increases, which led to smaller profit margins as input prices rose on average.” Retailers reported offering incentives to shoppers as “price growth is expected to continue at a modest pace in the near term.”

— Jeff Cox

JPMorgan CEO Jamie Dimon reiterates succession plan timeline

JPMorgan Chase Chair and CEO Jamie Dimon stood by comments from last week that his retirement from the storied Wall Street firm could be less than five years away.

“[T]he timetable is less than five years, and you know, that could be four, be three, be three and a half, four and a half, it could be two and a half. It’s up to the board,” Dimon said in response to questions at Bernstein’s Strategic Decisions Conference on Wednesday. “The board will decide, we’ve got some great succession. You will know them all. So you should evaluate that yourself.”

— Ritika Shah, Brian Evans